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Alphabet up ahead of earnings after the bell
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Ford falls, Pfizer ( PFE ) rises after earnings
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JOLTS job data on tap
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Futures: Dow down 0.19%, S&P 500 down 0.07%, Nasdaq up
0.01%
(Updated at 7:05 a.m. ET/1115 GMT)
By Lisa Pauline Mattackal
Oct 29 (Reuters) - U.S. stock index futures were steady
on Tuesday as investors assessed a host of corporate results,
with focus mainly on Google-parent Alphabet's earnings
expected later in the day for clues on the outlook for
technology megacaps.
"Magnificent Seven" member Alphabet's shares rose 0.4% in
premarket trading ahead of its results due after market close,
where it is expected to post its slowest revenue growth in four
quarters.
This week marks the busiest period for S&P 500 earnings,
with eyes on five of the "Magnificent Seven" group of stocks
that are reporting quarterly results.
The group's results will be crucial to determining whether
Wall Street can sustain the optimism around technology and
artificial intelligence that has lifted indexes to record highs
this year.
Still, there were plenty of premarket earnings for investors
to sift through. Drugmaker Pfizer rose 2% after hiking
its profit forecast, while Vans parent VF Corp ( VFC ) leapt
18.6% after the company reported a profit for the first time in
two quarters.
Meanwhile, Ford slumped 5.5% after the automaker said
it expects to hit the lower end of its annual profit forecast
after the bell on Monday, citing supplier disruptions and
warranty costs.
D.R. Horton ( DHI ) dropped 7.7% after the homebuilder
forecast 2025 revenue below estimates.
Other megacap stocks were mixed, with Nvidia ( NVDA )
dipping 0.4% and Meta Platforms ( META ) gaining 0.2%.
Also in focus was September's JOLTS job openings and October
consumer confidence data, due at 10 a.m. ET.
The JOLTS data will be scrutinized for signals on the
strength of the labor market ahead of Friday's nonfarm payrolls
report, as investors increasingly bet that the Federal Reserve
will not cut interest rates as much as initially thought given
the economy's robust performance.
The benchmark U.S. 10-year Treasury yield
breached the 4.3% level for the first time since early July -
adding another headwind for equities.
Dow E-minis were down 79 points, or 0.19%, S&P 500
E-minis were down 4 points, or 0.07%, and Nasdaq 100
E-minis were up 1.75 points, or 0.01%.
With earnings, geopolitical tensions in the Middle East, the
upcoming U.S. elections and a Fed meeting, investors are
anticipating a volatile few weeks.
"It wouldn't be a surprise to see further de-risking in the
short-term, and some turbulent trade for now, ahead of election
day next Tuesday," said Michael Brown, senior research
strategist at Pepperstone.
The VIX has risen above 20 from below 15 in
September.
Trump Media & Technology Group's ( DJT ) shares jumped 13%,
after surging to their highest since June on Monday as the White
House race enters its final stretch.
Of the 184 companies in the S&P 500 that have reported
third-quarter earnings so far, 78.8% have reported above analyst
expectations, fairly in line with average performance over the
past four quarters, according to LSEG data.